TCR_Public/000718.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R

   Tuesday, July 18, 2000, Vol. 4, No. 139


AGRIBIOTECH: Assets Sold at Auction
AMERICAN BIOMED: Unable To Complete Plan of Recapitalization
AMERICAN INVESTORS: Health Insurer In Receivership
BMJ MEDICAL: Motion For Extension of Time to Assume/Reject Leases
BMJ MEDICAL: Seeks Extension of Exclusive Periods

CAMBRIDGE INDUSTRIES: Sells Assets to Meridian Automotive Systems
CANYON CONCRETE: Files Chapter 7 Liquidation
CENTRAL EUROPEAN MEDIA: SBS Broadcasting Exercises Call Option
CRIIMI MAE: Court Overrules Objections to Disclosure Statement
DIMAC: AmeriComm Holdings Unit to Explore Sale of Non-Core Units

EDISON BROTHERS: Case Converts to Chapter 7
FIDELITY BANCORP: Plan of Merger with Pennwood Bancorp
FIDELITY D& D: Reorganization Into One-Bank Holding Company
FLOORING AMERICA: Court OK To Liquidate $5.2M In Assets
FRUIT OF THE LOOM: Pro Player's Motion To Sell Inventory

INNOVATIVE CLINICAL: Affiliates File For Chapter 11
INNOVATIVE CLINICAL: Case Summary and 20 Largest Creditors
INNOVATIVE CLINICAL: Initiation of Bond Restructuring Plan
INTEGRATED HEALTH: Stipulations To Provide Adequate Protection
KAH ENTERPRISES: Case Summary and 6 Largest Unsecured Creditors

KING FISCHER FISHERIES: Announces Chapter 11 Filing
LIVENT: Breach of Fiduciary Duty Is Ruled on Livent Case
LOEWEN: Motion For Rejection of Right of First Refusal Agreements
LONDON FOG: Company Operations Move To Seattle
MARTIN COLOR-FI: Order Confirms Amended Plan

MATTRESS KING: Chapter 11 Filing
MONEYSWORTH & BEST: Announces Bankruptcy
NATIONAL HEALTHCARE: Caliber Cancels Liability Insurance
NEW AMERICAN HEALTHCARE: Court Approves Sale of Hospitals
NEW AMERICAN HEALTHCARE: Court Approves Transfer of Operations

PAGING NETWORK: Investors Say $3.49 Million in Bond Payments Due
PAGING NETWORK: Involuntary Petition for Chapter 11
PAYLESS CASHWAYS: Halperin Reports Owning 1 Million Shares
PREMIER LASER: MediVision to Invest in Ophthalmic Imaging Systems
PRIME SUCCESSION: Receives Court Approval To Pay Vendors

PROMED HEALTH:  Files for Chapter 11
RELIANCE GROUP: Fitch Lowers Ratings For Reliance Group Holdings
RELIANCE GROUP: Leucadia Rejects Initial $359 Million Deal
SAFETY KLEEN: Motion To Employ Plante & Moran as Accountants
SMITH CORONA: Signs Stock Purchase Agreement With Pubco

SOGO CO.: Taiwan partner seeks stake buyout in stores
STAGE STORES: Too Early to Determine Success of Reorganization
SUNBEAM CORPORATION: Announces Exchange Offer
SYMONS INTERNATIONAL: To Begin Trading on OTC Bulletin Board
TEU HOLDINGS: Motion For Extension Under Section 365(d)(4)

TRI VALLEY: Court Gives $1.3 Million To Operate Through Weekend
WELLCARE MANAGEMENT GROUP: Annual Meeting to Be Held on August 17

Meetings, Conferences and Seminars


AGRIBIOTECH: Assets Sold at Auction
AgriBioTech, Inc. auctioned its facilities in Oregon, Nevada, and
Wyoming to the highest bidder. AgriBioTech's lawyer, Ford
Elsaesser, explained that the purchase of the grass-seed
warehouses would help ensure area farmers to have a place to sell
their crops. The Wisconsin-based Dairyland Inc. purchased W-D
Growers of Homedale for $1.6 million. Northwest Seed bought $2.7
million for Clark Seed in Nampa and Powell, Wyo. and a Land o'
Lakes cooperative paid $15.5 million for Allied Seed in Nampa.
Elsaesser said that the sale prices of AgriBioTech's assets were
not that high but it's probably the highest that they can achieve
and holding off would not have produced more. The money that the
growers would get would not be received until later this year or
next year so paying off credits still remains on hold.

AMERICAN BIOMED: Unable To Complete Plan of Recapitalization
American BioMed, Inc. (OTCBB:ABMI) reports that it has been
unable to complete its plan of recapitalization.

After unsuccessfully pursuing alternate sources of funds, the
Company's Board of Directors has authorized retention of
bankruptcy counsel and the filing of a petition under Chapter 7
of the Bankruptcy Code.

On behalf of the Board of Directors Chairman & Chief Executive
Officer Justine B. Corday commented, "As shareholders and
creditors of the Company ourselves, we wish other courses had
been available, and we genuinely regret the necessity of these

AMERICAN INVESTORS: Health Insurer In Receivership
According to the Associated Press, a county judge placed
insolvent American Investors Life Insurance Co. in receivership.   
The Insurance Department news release reports that the second-
largest health insurer "has been placed in receivership pursuant
to an order of Pulaski County Circuit Judge John Plegge."  When
asked, Bob Fewell, owner of AILIC comments that the agency was
unjust to him and the company saying, "All I can say is my
primary concern is for the policyholders and the company and its
employees." [and] "I really feel like I've done everything in my
power to keep the company operating. I feel we've operated in
good faith, and I feel like the department has been very unfair
to me in this situation." Having the state's largest insurer,
Blue Cross-Blue Shield, American Investors still covers for
12,600 Arkansas for their health-insurance policies.

BMJ MEDICAL: Motion For Extension of Time to Assume/Reject Leases
On July 6, 2000, BMJ Medical Management, Inc., BMJ of Chandler,
Inc., Orthopaedic Management Network, Inc., BMJ BROG, Inc., BMJ
of Nevada, Inc. and Valley Sports Surgeons, Inc., debtors, filed
a motion for entry of an order extending the time within which
the debtors may assume or reject unexpired leases of non-
residential real property.

Objections to the relief must be filed and received on or before
4:00 PM on July 21, 2000.  A hearing to consider the motion will
take place before the Honorable Mary F. Walrath, US Bankruptcy
Judge, US Bankruptcy Court, 824 Market Street, 6th Floor,
Wilmington, DE on July 28, 2000 at 12:30 PM.

The debtors request the entry of an order under section 365(d)(4)
of the Bankruptcy Code to extend the period within which the
debtors may assume or reject the leases to and through September
1, 2000.

The debtors are lessees or sublessees under approximately 6 pre-
petition leases for non-residential property.  BMJ has prepared
an amended plan and disclosure statement and hope to file the
amended plan with full support of the Committee and the pre-
petition and post-petition lenders upon the conclusion of
negotiations with the Creditors' Committee over the last
remaining outstanding issue.  The amended plan, as currently
drafted, has the support of Paribas.

BMJ seeks to extend its time to assume or reject unexpired non-
residential real property leases to and through September 1,
2000, in order to retain the flexibility to assume and assign
leases until such time as an Amended Plan is filed because during
that period, the debtors continue to negotiate with the remaining
Medical Groups over structured settlements which, if reached,
would likely include the assumption and assignment of some or all
of the remaining leases.  The debtors intend to either reach
agreements with these Medical Groups or to commence litigation
with them by the time the Amended plan is filed.

The leases are critical assets of the debtors' estates.  Most are
the office locations at which the remaining Medical Groups
operate their medical practices.  As such, the ability to assume
and assign them can be of value in negotiating structured
settlements with the remaining Medical Groups.

The debtors submit that in light of the short delay involved, it
would be prudent to defer the decision whether to assume, assign,
or reject the remaining leases until the amended plan is filed
and final decisions are made over whether settlements will be
reached with the remaining Medical Groups.  Such an extension
will ensure that the debtors maintain the optimum flexibility in
negotiating with the remaining Medical Groups and that the
debtors do not inadvertently reject a valuable lease.

BMJ MEDICAL: Seeks Extension of Exclusive Periods
The debtors, BMJ Medical Management, Inc. et al. seek court
authority to extend the exclusive periods to propose an amended
plan of reorganization and solicit acceptances.  A hearing to
consider the motion will be held on July 28, 2000 at 12:30 PM.

The debtors seek an order extending for a period of 45 days the
debtors' exclusive periods within which to file and solicit
acceptances of an amended plan.

Based on an analysis of the anticipated recoveries of unsecured
creditors under the proposed amended plan, the debtors are
currently in negotiations with the Creditors' Committee in an
attempt to resolve the Creditors' Committee's final concerns
about the structure of the amended plan.  Based on that analysis,
the debtors are currently in negotiations with the Creditors'
Committee in an attempt to resolve the Creditor's Committee's
final concerns about the structure of the amended plan, in the
hope that the plan can be filed with the full support of the
Creditors' Committee as well as Paribas.

In the event that this motion is granted, the debtors' plan
proposal period would run through and including September 1, 2000
and the Solicitation Period would run through and including
October 31, 2000.

CAMBRIDGE INDUSTRIES: Sells Assets to Meridian Automotive Systems
Cambridge Industries', Inc. Board of Directors confirmed on July
17, 2000 that it has closed on the sale of substantially all of
the company's assets to Meridian Automotive Systems, Inc. of
Dearborn, Michigan.

This action clears the way for Cambridge to transfer ownership of
the purchased assets to Meridian and to finalize all bankruptcy-
related proceedings.  Cambridge has been operating under
bankruptcy protection since May 10, when the company voluntarily
filed petitions under Chapter 11 to facilitate completion of the
sale process.

Following the closing, a small core of Cambridge management led
by Don Campion, the company's chief financial officer, will
continue to oversee completion of remaining bankruptcy
proceedings, including court-approved payments of secured and
unsecured debt to Cambridge creditors.  It is expected
that most of the bankruptcy proceedings will be completed by the
end of the year.  Pepper Hamilton LLP will continue to serve the
estate as bankruptcy counsel.

"We are on track to obtain approval of our plan sometime during
the 4th quarter," said Don Campion.  "Following that, we will
begin making payments to each of the various classes of Cambridge
creditors in accordance with our plan and with input from the
creditors' committee.  We hope to pay the appropriate
distributions to most of our creditors by yearend."

Headquartered in Madison Heights, Mich., Cambridge Industries was
a Tier 1 plastic composites supplier to the automotive, light and
commercial truck, and industrial products markets with facilities
in the U.S., Canada, and South America.

Meridian Automotive Systems is headquartered in Dearborn, Mich.
and has 13 locations in Michigan, Indiana, Kansas and Tennessee.  
Meridian is a leading supplier of technologically advanced front
and rear end modules, signal lighting, console modules,
instrument panels and other interior systems to Ford, GM,
DaimlerChrysler, Toyota and other major Tier 1 parts suppliers.

CANYON CONCRETE: Files Chapter 7 Liquidation
The Press Enterprise reports that, suffering a parade of
lawsuits, Canyon Concrete Construction Inc. files for Chapter 7
bankruptcy liquidation.  According to Canyon's attorney, Jerry
LaCues, "It was just victimized by all these construction
lawsuits," [and] "One of these contractors gets sued, so the
general contractor turns around and sues all its subcontractors."  
Even though LaCues doesn't tell much regarding the lawsuits and
Canyon President Joe Duarte returned no calls, still it is
evident enough that the vast number of lawsuits caused the
company's demise.  Canyon didn't list any assets, but had debts
of at least $ 915,000 which is mainly about legal fees and
insurance deductibles.  And only one out of a 57 page, 217 entry,
list of unsecured creditors seems to be not related to court
costs, litigation or insurance deductibles.

CENTRAL EUROPEAN MEDIA: SBS Broadcasting Exercises Call Option
Central European Media Enterprises Ltd. reports that SBS
Broadcasting S.A. has exercised their "Call" option on the notes
due from International Trading and Investments Holdings S.A. for
$37.25 million plus accrued interest.  The ITI notes have a
principal amount of $40.0 million and mature on December 10th
2001. CME originally acquired the ITI notes as part of the
consideration for the sale of its interest in TVN Poland to ITI
in December 1998. The "Call" option was granted to SBS as part of
CME's sale of its Hungarian assets to SBS in February 2000.

In addition, CME announced that it has finalized a purchase
agreement to acquire at least a 98% controlling interest in Kanal
A, for $12.5 million prior to August 18, 2000. Kanal A is the
second leading commercial television broadcaster in Slovenia. As
part of this agreement $12.5 million of the SBS proceeds, from
the exercise of the "Call" option on the ITI notes, will be held
in escrow until the earlier of August 18, 2000 and the closing of
the Kanal A acquisition. This transaction is subject to
regulatory approval and certain other conditions.

Fred T. Klinkhammer, President and Chief Executive Officer of
CME, said: "The exercising of the "Call" option on the ITI Notes
significantly strengthens our liquidity position and CME's
subsequent agreement to purchase Kanal A will enable us to
provide Slovenia's TV viewers with two compelling and distinct
commercial television channels while increasing the positive cash
flow we currently generate in the market."

CRIIMI MAE: Court Overrules Objections to Disclosure Statement
The United States Bankruptcy Court for the District of Maryland,
Greenbelt Division overruled the objections raised by Citicorp
Securities Inc./Solomon Smith Barney to the proposed Second
Amended Disclosure Statement filed by CRIIMI MAE Inc.
and two affiliates (collectively, the "Debtors").  The Bankruptcy
Court also ordered the Debtors to submit specified modifications
to the Disclosure Statement and other proposed solicitation
materials by July 19, 2000.  The Bankruptcy Court's order states
that, upon its determination that the modifications adequately
address all issues, the Disclosure Statement will be approved and
an order will be entered setting a date and time for the hearing
on confirmation of the Debtors' Third Amended Joint Plan of

Although the Bankruptcy Court overruled SSB's objections, the
Court did find that a dispute of material fact remains between
the Company and SSB which can only be resolved upon a full
evidentiary hearing.  The Debtors must prove at confirmation
that: (1) the Plan provides the indubitable equivalent of SSB's
claim and (2) the Plan's use of the disputed securities does not
violate applicable bankruptcy law.  The SSB objections were the
only remaining objections to the Disclosure Statement pending
before the Bankruptcy Court.

The Bankruptcy Court's Memorandum Opinion and Order and Ruling
Upon Objection to Debtors' Second Amended Disclosure Statement
will be filed as an exhibit to a Current Report on Form 8-K with
the Securities and Exchange Commission (the "SEC").

Since filing for protection under Chapter 11 of the U.S.
Bankruptcy Code on October 5, 1998, CRIIMI MAE has suspended its
loan origination, loan securitization and CMBS acquisition
businesses.  The Company continues to own a substantial portfolio
of subordinated CMBS and, through its servicing affiliate,
acts as a servicer for its own as well as third party

DIMAC: AmeriComm Holdings Unit to Explore Sale of Non-Core Units
DIMAC Corporation announced that, as part of its ongoing
activities to substantially improve profitability, execute on its
growth plan, and eliminate excess debt on its balance sheet, its
AmeriComm Holdings unit has decided to explore the sale of
several non-core business units.

The business units that will be placed for sale are: AmeriComm
Direct Marketing; Convertagraphics; Double Envelope, Diversified
Assembly; Label Art; and Transkrit.  These business units are
operating divisions of AmeriComm Direct Marketing Inc.

Robert "Kam" Kamerschen, Chairman and Chief Executive Officer,
said:  "As part of our program to restructure DIMAC's capital
structure and implement our revitalization plan, we have
determined that certain of our business units do not fit
strategically with our long-term vision for the company, which is
highly focused on direct marketing services.  While DIMAC
continues to generate significant amounts of cash, there would
not be enough to fund the capital investments required to allow
all our business units to grow and compete effectively in the
foreseeable future. This has driven our decision to seek new
owners who could help the non-core businesses meet their growth

Proceeds from any such sales would be used mainly to reduce
DIMAC's debt level in conjunction with the development of a new
capital structure for the company.  Some of the funds would also
be available to invest in the growth of the remaining core

The business units that continue to serve as the base for DIMAC's
future include: DIMAC Direct; DMW Worldwide, Inc.; MBS/Multimode,
Inc. and Palm Coast Data.

DIMAC has retained Gruppo, Levey & Co., an investment banking
firm serving all segments of the direct marketing industry, to
assist with the exploration process.

"In looking for potential buyers for each of the non-core units,
our objective will be to identify buyers who are committed to
growing the business to its full potential and who value and
appreciate their employees," Mr. Kamerschen said.

DIMAC Corporation provides a comprehensive range of integrated
and insightful direct response marketing solutions, which are
supported by creative strategy/agency services, database
strategy/management services and production services and
products.  Through its nationwide network of 21 production
facilities, DIMAC offers its direct response marketing customers
a wide variety of formats, printing, and converting capabilities.  
The company also offers its clients a complete range of pre- and
post-production direct marketing services such as information
services (information processing, fulfillment, and database
services), creative/agency services and program development
services (strategic marketing planning, creative development and
program evaluation).  In addition, DIMAC offers other printing
and converting products such as custom pressure sensitive labels
and custom mailers, to support its direct marketing products and
services.  The company is currently in the process of a
reorganization under Chapter 11 in U.S. Bankruptcy Court in
Wilmington, DE.

EDISON BROTHERS: Case Converts to Chapter 7
On July 5, 2000, the United States Bankruptcy Court for the
District of Delaware granted the motion of Alan M. Jacobs, the
Chapter 11 trustee of Edison Brothers Stores, Inc., to convert
the company's Chapter 11 case to one under Chapter 7 of the
United States Bankruptcy Code. The Official Committee of
Unsecured Creditors and the company supported conversion to
Chapter 7. Upon the conversion, the Office of the United States
Trustee appointed Mr. Jacobs as interim Chapter 7 trustee. The
Chapter 7 Trustee does not anticipate that shareholders of the
company will receive a distribution under Chapter 7. Mr. Jacobs
is a senior financial executive with over 25 years of turnaround,
restructuring, insolvency and reorganization experience and until
recently was a senior partner with Ernst & Young, LLP.

FIDELITY BANCORP: Plan of Merger with Pennwood Bancorp
Fidelity Bancorp, Inc., the holding company for Fidelity Savings
Bank, Pittsburgh, Pennsylvania, previously announced that on
February 18, 2000, Fidelity entered into a definitive agreement
and plan of merger with Pennwood Bancorp, Inc., whereby Fidelity
was to acquire all of the outstanding common stock of Pennwood
Bancorp, Inc., the holding company of Pennwood Savings Bank.  
Pursuant to the merger agreement with Pennwood, Fidelity is to
acquire all the assets and assume all of the liabilities of
Pennwood, including Pennwood's main office located at 683 Lincoln
Avenue, Pittsburgh, Pennsylvania and two branch offices in
Kittanning, Pennsylvania.  On May 9, 2000, Fidelity signed an
agreement with The Farmers National Bank of Kittanning,
Pennsylvania to sell the real property, furniture, fixtures and
equipment and transfer the deposit liabilities of the two
Kittanning branch offices of Pennwood.

Fidelity expected to complete the merger with Pennwood and branch
sale with Farmers at the close of business on July 14, 2000,
subject to several contingencies, including the receipt of all
approvals and completion of all legal documents.

William L. Windisch, President of Fidelity, stated "Effective
Saturday, July 15, 2000, we are proud to announce that the former
main office of Pennwood Savings Bank located at 683 Lincoln
Avenue, Pittsburgh, Pennsylvania will become a full-service
branch office of Fidelity.  The former Pennwood customers can
expect to continue to receive the same type of service from the
same employees.  In addition, former Pennwood customers will now
have access to additional products and services as well as the
extensive branch and ATM networks of Fidelity."

At June 30, 2000, Fidelity had total assets of $518.3 million and
stockholders' equity of $27.2 million.  Effective July 15, 2000,
Fidelity will operate from 10 full-service offices located in
Pittsburgh, Allison Park, Mount Lebanon and Zelienople,

FIDELITY D& D: Reorganization Into One-Bank Holding Company
Effective June 30, 2000, The Fidelity Deposit and Discount Bank
reorganized into a one-bank holding company, Fidelity D & D
Bancorp, Inc. The bank is now the wholly owned subsidiary of
Fidelity D & D Bancorp, Inc. As part of this transaction, each
outstanding share of common stock of The Fidelity Deposit and
Discount Bank was exchanged, by operation of law, for two shares
of Fidelity D & D Bancorp, Inc.'s common stock. In addition,
share certificates bearing the name "The Fidelity Deposit and
Discount Bank" will need to be exchanged for share certificates
bearing the name "Fidelity D & D Bancorp, Inc." Shareholders will
receive more information in the near future about how to exchange
their share certificates.

The Board of Directors believes that the bank holding company
structure will provide the most effective organizational vehicle
by which the bank can continue to fulfill its mission of
providing cost-effective, quality financial services to the
community. The bank indicates its Board of Directors is committed
to preserving its independence and its focus on the community. By
modernizing its organizational structure, the Board of Directors
believes the bank will be better able to compete in the
challenging and changing financial services markets of the

The Fidelity Deposit and Discount Bank is headquartered in
Dunmore, Pennsylvania, with total assets of about $457 million as
of March 31, 2000. The Fidelity Deposit and Discount Bank has
branches in Dunmore, Scranton, Clarks Summit, Peckville,
Pittston, West Pittston and Moosic.

FLOORING AMERICA: Court OK To Liquidate $5.2M In Assets
According to a report in The Daily Bankruptcy Review, July 17,
2000, Flooring America Inc. received bankruptcy court approval to
sell the inventory, accounts receivable and other property in 23
stores to four of its regional vice presidents, Bruce Odette, Tom
Levi, Dick Hillman and Richard Rusnack for a total of
approximately $5.2 million.

FRUIT OF THE LOOM: Pro Player's Motion To Sell Inventory
Pro Player gives notice that it plans to sell inventory to
customers outside the ordinary course of business.  The buyers
are Delaware-based Schottenstein Stores Corp., and Value City
Department Stores Inc., from Ohio.  The inventory will be sold at
57% of Pro Player's cost, preliminarily estimated at
$13,000,000, for a sale price of approximately $7,400,000.  
(Fruit of the Loom Bankruptcy News Issue 8; Bankruptcy Creditors'
Service Inc.)

INNOVATIVE CLINICAL: Affiliates File For Chapter 11
Innovative Clinical Solutions Ltd. and 64 affiliates filed for
chapter 11 protection on Friday, according to a Reuters report.
In papers filed in U.S. Bankruptcy Court in Delaware, the
company, a services provider to the pharmaceutical and managed-
care industries, listed assets of $75.7 million and debts of
$149.2 million, including $100 million in unsecured 6-3/4 percent
convertible debentures due 2003. In May, Innovative said it
planned to restructure by converting the debentures to new common
stock through a bankruptcy reorganization plan. Under the plan,
90 percent of the new equity would go to bondholders, and 10
percent to current shareholders. Innovative also said it would
divest all non-core businesses, recruit new management and
reorganize into three business lines: clinical studies, health-
care research and network management.

INNOVATIVE CLINICAL: Case Summary and 20 Largest Creditors
Debtor: Innovative Clinical Solutions, Ltd.
        10 Dorrance Street
        Suite 400
        Providence, RI 02903

Type of Business: Service company that supports the needs of the
pharmaceutical and managed care industries. Services include
investigative site management, clinical and outcomes research and
disease management, and provider network management.

Chapter 11 Petition Date: July 14, 2000

Court: District of Delaware

Bankruptcy Case No.: 00-03027

Debtor's Counsel: Norman L. Pernick
                  Saul, Ewing, Remick & Saul, LLP
                  222 Delaware Avenue
                  Suite 1200
                  Wilmington, DE 19801
                  Tel: (302) 421-6800

Total Assets: $ 75,720,000
Total Debts : $ 149,221,000

20 Largest Unsecured Creditors

Chase Bank of Texas
Corporate Trust Service
2001 Bryan St, 9th Floor
Dallas, TX 75201               Bonds       $ 100,000,000

EQSF Advisers
767 Third Avenue, Fifth Floor
New York, NY 10017
Martin J. Whitman              Bonds        $ 50,910,000

Green River Fund I, L.P.
177 Broad Street, 15th Floor
Stamford, CT 06901
Mark McGrath                   Bonds         $ 5,675,000

PGB Medical Mall MOB 1
Properties, Lit                Bonds            $ 38,500

St. Petersburg Times           Bonds            $ 20,030

The Providence Journal         Bonds            $ 15,243

Sarasota Herald Tribune        Bonds            $ 10,706

The Washington Post            Bonds             $ 9,649

High-Tech Engineering, Inc     Bonds             $ 9,200

Copy World                     Bonds             $ 7,835

PPGX                           Bonds             $ 7,764

The Atlanta Journal &
Constitution                   Bonds             $ 7,612

WSB Radio                      Bonds             $ 7,200

Pricewaterhousecoopers, LLP    Bonds             $ 7,185

The Palm Beach Post            Bonds             $ 6,941

Cape Cod Times                 Bonds             $ 6,924

News Press                     Bonds             $ 6,681

Florida Today                  Bonds             $ 6,397

Primedia, Inc.                 Bonds             $ 6,049

Independent Investigational
Review Board                   Bonds             $ 6,000

INNOVATIVE CLINICAL: Initiation of Bond Restructuring Plan
Innovative Clinical Solutions, Ltd. (OTC Bulletin Board: ICSL.OB)  
announced on July 14, 2000 that it and its wholly owned
subsidiaries commenced the implementation of a plan to
restructure the Company's existing $100 million 6.75% convertible
Debentures due 2003 by the filing of voluntary petitions for
relief under Chapter 11 of the United States Bankruptcy Code. The
Plan provides that, subject to confirmation by the bankruptcy
court, ICSL will cancel the Debentures and issue to its
Debentureholders new common stock representing 90% of the
Company's issued and outstanding common stock.  The Company does
not expect that this process will have any negative impact on its
trade creditors, employees or vendors.

The Prepackaged Plan is the result of negotiations with
representatives holding a majority of the outstanding Debentures.  
The Prepackaged Plan was submitted to all Debentureholders for
their consent and, as of the voting deadline of July 12, 2000,
the voting Debentureholders approved the Prepackaged Plan with
more than 92% in amount of the Debentures voted on the
Prepackaged Plan and 63% of the number of the Debentureholders
voting on the Prepackaged Plan.

The purpose of the Company's bankruptcy filing is to confirm the
Prepackaged Plan and restructure the Debenture debt obligations
as equity so that the Company can continue its plan to reposition
itself as a leading provider of diverse services supporting the
needs of the pharmaceutical and managed care industries.

Investors may read the Disclosure Statement and the documents
included therein or subsequently incorporated therein by
reference at the SEC's Public Reference Room at 450 Fifth Street,
N.W., Washington, D.C.  20549 or at the SEC's regional offices
located at Citicorp Center, 500 West Madison Street, Suite 1400,
Chicago, Illinois 60661-2511 and 7 World Trade Center, Suite
1300, New York, New York 10048.  Investors may obtain further
information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. Our SEC filings, including the
Disclosure Statement, are also available to the public over the
Internet at the SEC's Web site at

Investors may also obtain a copy of any of the Company's publicly
available material free of charge by writing to Innovative
Clinical Solutions, Ltd., 10 Dorrance Street, Providence, RI
02818, Attention: Gary S. Gillheeney, Chief Financial Officer.

Innovative Clinical Solutions, Ltd., headquartered in Providence,
Rhode Island, provides services that support the needs of the
pharmaceutical and managed care industries. The Company
integrates its pharmaceutical services division with its provider
network management division to create innovative research
solutions for its customers. The Company's services include
clinical and economic research and disease management, as well as
managed care functions for specialty and multi-specialty provider
networks including more than 5,000 providers and over 10 million
patients nationwide. The Company's components include ICSL
Clinical Studies, ICSL Healthcare Research and ICSL Network

INTEGRATED HEALTH: Stipulations To Provide Adequate Protection
To avoid the risk of being charged for interest rates under
certain Promissory Notes, the Debtors agree to give adequate
protection to mortgagees Omega Healthcare Investors, Inc. and LTC
Properties by paying:

  *  an amount equal to accrued but unpaid interest due under the
Note since the Filing Date, calculated at the non-default
contract rate of interest;

  *  interest before the tenth day of every following month at
the non-default contract rate;

In return, the Mortgagee will:

  *  waive any claim for interest on overdue installments, costs
and expenses including attorney fees, premiums and penalties.

Omega holds a $37,500,000 Promissory Note in connection with
mortgaged property at:

  * Treemont Facility at 5550 Harvest Hill Road, Dallas, TX 75230
  * Beneva Facility at 741 Beneva Road, Sarasota, FL 34232
  * Brandon Facility at 702 W. Kings Ave., Brandon, FL 33511
  * Lakeland at Oakbridge Facility at 3110 Oakbridge Blvd., E.
Lakeland, FL 33803
  * Central Park Village Facility at 9311 S. Orange Blossom Tr.
Orlando, FL 32837
  * West Palm Beach Facility at 2939 S. Haverhill Road, West Palm
Beach, FL  33415
  * Vintage Facility at 205 North Bonnie Brae Denton, TX 76201

and a $4,900,000 Promissory Note in connection with mortgaged
property at:

  * Crystal Springs Nursing and Rehab. Center at 12006 McIntosh
Road, Thonotosassa, FL 33592

LTC holds a $3,000,000 Promissory Note for mortgaged property at:

  * Baltic County Manor, 130 Buena Vista Street, Baltic, OH 43804
(Integrated Health Bankruptcy News - Issue 6; Bankruptcy
Creditors' Service Inc.)

KAH ENTERPRISES: Case Summary and 6 Largest Unsecured Creditors
Debtor: Kah Enterprises, Inc.
        c/o Sholom Drizin
        100 Henry Street
        Brooklyn, NY 11201

Chapter 11 Petition Date: July 13, 2000

Court: Southern District of New York

Bankruptcy Case No.: 00-13157

Debtor's Counsel: Arnold Mitchell Greene
                  Robinson Brog Leinwand Greene
                  Genovese & Gluck, P.C.
                  1345 Avenue of the Americas
                  31st Floor
                  New York, NY 10105
                  Tel.: (212) 586-4050
                  Fax : (212) 956-2164
                  Email: amg@robinsonbrog

Total Assets: $ 25,740,000
Total Debts:     $ 483,000

20 Largest Unsecured Creditors

Euro Development Corp.
c/o Charles Meisels
135 Rockaway Turnpike
Lawrence, New York 11559                   $ 350,000

RCM Corp.
32 Court Street
Brooklyn, New York 11201                    $ 61,479

Eastern Maintenance Corp.
132 Washington Avenue
Brooklyn, New York                          $ 38,520

Kris & Feit
360 Lexington Avenue
New York, New York 10017                    $ 16,500

Gross & Gross
371 Merrick Road
Rockville Center, New York 11570            $ 10,000

Martin Kurlander
32 Court Street
Brooklyn, New York 11201                     $ 6,500

KING FISCHER FISHERIES: Announces Chapter 11 Filing
King Fischer Fisheries LLC closed temporarily on Thursday and
will file for Chapter 11 bankruptcy protection Monday, company
president Chris Fischer said.

Fischer said he expects to be able to pay fish processing
workers, commercial fishermen, tender operators and vendors. The
company is not closing for good, he said.

"It's a reorganization. It buys us time. We'll be up and running
Monday morning," he said.

Fischer said the company, which formed in March, is buying and
operating the former Dragnet Fisheries plants in Kenai and
Dillingham. It ran into financial trouble when private backers
hit snags in arranging financing.

King Fischer's first $1.7 million in revenues must go into an
escrow account, Fischer said. The company had until Tuesday to
close the financing to buy the plants. Otherwise, the deal would
be off and the escrow account would be forfeited. With the
deadline approaching, he said, his backers still had not
finalized the financing.

The proposed reorganization would extend the Tuesday deadline and
allow the company to pay fishermen, tender operators, employees
and vendors from the escrow account, he said. All of the
company's earnings from sales of salmon have gone into the
account, though that does not yet total $1.7 million. Many of the
fish are en route to Japan, and money is still coming in, he

"There's enough product out there to cover everyone. We haven't
touched a dime of what we produced," Fischer said. "We do have
the revenue that will be available to pay these folks off. It
won't be like a Chapter 7, where you have to liquidate

Fischer said contract terms forbid him from revealing his
backers' names, he said, but there are two, one in Venezuela and
one in Israel.

"They're just running into barriers in international financing
you couldn't foresee," he said.

Fischer said the company has bought about 2.4 million pounds of
salmon from 136 permit holders in Bristol Bay and about 60,000
pounds from Cook Inlet fishermen.

As of Thursday the company employed about 30 processing workers
in Dillingham and 30 in Kenai.

Fischer said his company pays Bristol Bay fishermen at the end of
the season. It pays fishermen in Kenai and processing workers in
both cities weekly, he said, and it paid them last week.

Roy Niles, manager of Alaska Commercial Co. in Dillingham, said
the checks King Fischer workers have cashed at his store all have
been good.

Fischer said that because of the Chapter 11 proceedings, the
checks due next week to Cook Inlet fishermen and processing
workers likely will be about two weeks late.

King Fischer began flying the Dillingham processing workers back
to Anchorage on Friday. Fischer said the company will petition
the bankruptcy court to release money to pay the Bristol Bay

Randy Carr, chief of labor standards for the Alaska Department of
Labor and Workforce Development, said he has received three
claims from unpaid King Fischer processing workers in Kenai.

"We've had other calls," he said. "Indications are we may have
other people coming in on Monday."

LIVENT: Breach of Fiduciary Duty Is Ruled on Livent Case
According to an article in The Wall Street Journal on July 17,
2000, The Ontario Superior Court ruled that KPMG LLP breached its
fiduciary duty to Livent Inc. co-founder Garth Drabinsky in
allowing its KPMG Investigation & Security unit to investigate
alleged financial irregularities at the theater- production

The court ordered that KPMG can no longer participate in the
Livent investigation or disclose certain confidential information
involving Mr. Drabinsky. Mr. Drabinsky sued KPMG, arguing that
the company's role as Livent investigator and adviser to Mr.
Drabinsky was a conflict of interest. Livent filed for
bankruptcy-court protection in 1998, and its assets were
purchased by SFX Entertainment Inc.

LOEWEN: Motion For Rejection of Right of First Refusal Agreements
Judge Walsh held, without prejudice to their right to file
separate motions to reject on a contract-by-contract basis, the
Debtors' Omnibus Motion is denied.  It is inappropriate (as it
was when the Debtors' asked for onmibus authority to reject 208
non-competition agreements), Judge Walsh explained, for the Court
to make rulings on dissimilar fact patterns through an omnibus
motion like the one the Debtors have brought.  Judge Walsh made
it clear that this is the extent of his ruling on this Motion.  

Clearly, the Debtors and the Court have and obligation to obtain
the highest and best offer for any estate asset that is sold
pursuant to 11 U.S.C. Sec. 365.

Judge Walsh directed Adam Singer, Esq., of Cooch and Taylor
(302/984-3830) to draft, circulate and present the Court with a
form of order acceptable to the Debtors, the Committee and the
various objectors. (Loewen Bankruptcy News Issue 24; Bankruptcy
Creditors' Service Inc.)

LONDON FOG: Company Operations Move To Seattle
The Seattle Post-Intelligencer reports on July 14, 2000 that
London Fog decided to make the union official, moving all company
operations to Seattle from Eldersburg, Md.

The move is part of the company's consolidation plan after filing
to reorganize under Chapter 11 protection last year.

William Dragon, London Fog's chief executive was quoted in the
article as saying, "We are pleased with the progress we are
making,". He said the company expects to emerge from bankruptcy
protection by fall. "We have stopped the bleeding," said Dragon.

London Fog Industries includes outer wear and sportswear under
its own brands, Seattle-based Pacific Trail, Inside Edge and
Black Dot, and licenses Levi's and Dockers. In its
reorganization, London Fog closed its outlet stores and is
focusing on placing its lines in department stores.
Dragon predicted this year will be the most profitable for the
company in a decade.

The arrival this month of Paul Shriber, president of London Fog's
trade division, was the last piece of the move. Shriber said in
the past London Fog may have relied too much on its long-standing
lead position in brand recognition. New goalsinclude making sure
that recognition doesn't erode.

MARTIN COLOR-FI: Order Confirms Amended Plan
On June 26, 2000, the United States Bankruptcy for the District
of South Carolina entered its Order confirming the Amended Plan
of Reorganization filed by Martin  Color-Fi, Inc. on May 17,
2000.  The Order was subject to appeal for a period of ten days.

The Plan provides for the merger of Martin Color-Fi Inc. with and
into MCF Acquisition, Inc., a wholly-owned subsidiary of
Dimeling, Schreiber and Park, a Pennsylvania general partnership.
As a result of the merger, Dimeling, Schreiber and Park will
become the owner of 100% of the voting securities of Martin
Color-Fi, Inc. The transaction is subject to the conditions set
forth in the Agreement and Plan of Merger, by and among Dimeling,
Schreiber and Park, MCF Acquisition and Martin Color-Fi, Inc.,
dated February 29, 2000 and amended as of June 26, 2000.

As of the date of confirmation of the Plan, approximately
6,730,284 shares of Martin Color-Fi, Inc. common stock were
outstanding.  Upon consummation  of the merger between MCF
Acquisition, Inc. and Martin Color-Fi, Inc., all
of such outstanding shares will be cancelled. The Plan does not
provide for any recovery for existing shareholders.  After the
merger, Dimeling, Schreiber and Park will be the sole shareholder
of Martin Color-Fi, Inc.

MATTRESS KING: Chapter 11 Filing
According to the Lancaster New Era (Lancaster, Pa.),
Mattress King, a York-based bedding retail chain, announced that
it has filed for protection from creditors under Chapter 11 of
the U.S. bankruptcy code.

The 18-store chain plans to reorganize and expects to close
several stores during the next two months.

A manager at Mattress King's Lancaster store, at 1914-1916
Fruitville Pike, said that location has not been slated to close.
The store is in the strip center at Fruitville Pike and Roseville

Mattress King President Bill Kelly said the company has a strong
core business and sales force, but that rapid expansion hurt its

Mattress King, which has operated for four years, has stores in
Pennsylvania, Maryland, Virginia and Washington, D.C.

MONEYSWORTH & BEST: Announces Bankruptcy
The Business Media Network reports that Moneysworth & Best Shoe
Care Inc. recently proclaimed itself bankrupt.

PricewaterhouseCoopers was designated trustee in the bankruptcy.  
The shoe repair store began with only one store in 1984, and now
has eight outlets in the Ottawa area.  The shoe repair firm
claims to have repaired more than 12 million pairs of shoes and
is considered as the largest in North America. The now defunct
firm failed on filing its annual statements halting its shares on
the Toronto Stock Exchange since July 7, is expected to file on
July 19. No one from PricewaterhouseCoopers or from the company
was available to answer queries.

NATIONAL HEALTHCARE:  Caliber Cancels Liability Insurance
An article from The Tennessean reports that the liability
insurance policy of National Healthcare Corp. got cancelled and
may sell about a fifth of its 105 nursing homes.  For NHC to
continue operating, it must seek for a new liability insurance
carrier before the effective date on Sept. 28.  Caliber One's
cancellation has its biggest impact on the company's Florida
operations and not much affect on nursing homes across the 12
states.  According to SEC filings, in Florida alone, the
healthcare reported having 77 lawsuits compared to a total of 33
for all the other states it operates.   NHC President W. Andrew
Adams says, the company may "vacate the state" cause of the high
rates together with the other insurers' reluctance in offering
policies for Florida.  A written statement from Adams says, "NHC
is currently actively soliciting replacement coverage, and
initial results indicate it to be unavailable for Florida
operations at any rational price." [and] "Accordingly, the NHC
board has directed management to explore alternatives including
divesting NHC of its Florida operations."

NEW AMERICAN HEALTHCARE: Court Approves Sale of Hospitals
New American Healthcare Corporation announced that the U.S.
Bankruptcy Court, Middle District of Tennessee, has approved the
sale of four hospitals by New American Healthcare to HealthMont,

Under the agreement, HealthMont, of Brentwood, Tennessee, will

-- Dolly Vinsant Memorial Hospital, an 81-bed hospital in San
Benito, Texas.
-- Eastmoreland Hospital, a 100-bed hospital in Portland, Oregon.
-- Memorial Hospital of Adel, a 60-bed facility in Adel, Georgia.
-- Woodland Park Hospital, a 209-bed facility in Portland,

The transaction is expected to close by August 31.  Terms were
not disclosed.

"The sales the court approved today are part of our previously
announced strategy of putting our hospitals into the hands of new
owners that can invest in making them high-quality assets for the
communities, patients and medical professionals that rely on
them," said Tom Singleton, president and chief executive officer
of New American Healthcare.

On April 19, New American Healthcare and its hospital
subsidiaries voluntarily filed petitions for protection under
Chapter 11 of the United States Bankruptcy Code.  At the time of
the filing, the company had letters of intent for the sale of
seven of its eight hospitals.

On June 22, the court approved the sale of Crosby Memorial
Hospital in Picayune, Mississippi, to Picayune Clinic, LLC and
Lander Valley Medical Center in Lander, Wyoming, to LifePoint
Hospitals, Inc.  The Lander Valley Medical Center transaction was
completed June 30.

New American Healthcare Corporation currently owns seven acute-
care hospitals located in five states with 759 licensed beds.  
More information about the Company is available at .

NEW AMERICAN HEALTHCARE: Court Approves Transfer of Operations
New American Healthcare Corporation announced today that the U.S.
Bankruptcy Court, Middle District of Tennessee, has approved the
transfer of operations of Puget Sound Hospital, a 160-bed
hospital in Tacoma, Washington.

Pierce County (Washington) will assume operation of the
hospital's behavioral health services within a month.  Pierce
County also intends to eventually purchase the hospital after
obtaining Certificate of Need approval from the Washington
Department of Health.

MultiCare Health System entered into a financial arrangement with
the current owner to assure the county could acquire the hospital
at a later date.

On April 19, New American Healthcare and its hospital
subsidiaries voluntarily filed petitions for protection under
Chapter 11 of the United States Bankruptcy Code.  At the time of
the filing, the company had letters of intent for the sale of
seven of its eight hospitals.

On June 22, the court approved the sale of Crosby Memorial
Hospital in Picayune, Mississippi, to Picayune Clinic, LLC and
Lander Valley Medical Center in Lander, Wyoming, to LifePoint
Hospitals, Inc.  The Lander Valley Medical Center transaction was
completed June 30.

New American Healthcare Corporation currently owns seven acute-
care hospitals located in five states with 759 licensed beds.  
More information about the Company is available at .

PAGING NETWORK: Investors Say $3.49 Million in Bond Payments Due
According to an article in The Atlanta Journal and Constitution
on July 15, 2000, Paging Network Inc., the world's largest paging
company with about 8.4 million of the beepers, was forced into
bankruptcy court by investors who say the company owes them $
3.49 million in bond payments. In an involuntary Chapter 11
petition filed Friday, officials of Everest Capital Ltd. of
Hamilton, Bermuda, asked a judge to resolve Paging Network's
past-due payments. The Nasdaq Stock Market halted trading Friday
in shares of Dallas-based Paging Network, which said last year it
had agreed to be bought by Westborough, Mass.-based Arch
Communications for $ 1.36 billion in stock and debt.

PAGING NETWORK: Involuntary Petition for Chapter 11
Paging Network, Inc. (Nasdaq:PAGE) said that three affiliated
entities holding its senior subordinated notes filed an
involuntary petition for reorganization against PageNet under
Chapter 11 of the Bankruptcy Code. The petition was filed in the
Delaware Bankruptcy Court on Friday afternoon.

PageNet had previously filed a registration statement with the
Securities and Exchange Commission under which it expected to
seek consents from its senior noteholders to a "pre-packaged"
plan of Chapter 11 reorganization in order to consummate its
proposed merger with Arch Communications Group, Inc. PageNet said
that it expected to move expeditiously to file and seek approval
by the Bankruptcy Court for its previously disclosed plan of
reorganization, which implements the merger agreement with Arch.

John P. Frazee, Jr., Chairman and Chief Executive Officer of
PageNet, said, "While we had hoped to obtain the requisite
consent of our noteholders to the proposed plan of reorganization
prior to a bankruptcy filing, we will now move forward to seek
approval within the framework of the bankruptcy court proceeding.
A substantial majority of our bondholders have expressed to us
their support for the proposed merger. We expect the day-to-day
operations of our business to be unaffected and under our
previously announced plan, all obligations owing to our trade
creditors and our employees will be paid in the ordinary course.
We believe that the proposed merger with Arch is in the best
interests of all of our creditors and shareholders and we look
forward to consummating it as expeditiously as possible."

C. Edward Baker, Jr., Chairman and Chief Executive Officer of
Arch, said, "Our agreement with PageNet contemplated the
likelihood that we would need to consummate the merger through a
bankruptcy court proceeding. We will work actively with PageNet
to achieve that objective."

PAYLESS CASHWAYS: Halperin Reports Owning 1 Million Shares
As of July 3, 2000, Maurice A. Halperin, a private investor of
Boca Raton, Florida, owned 1,000,000 shares of the common stock
of Payless Cashways Inc.  His beneficial ownership conveys sole
voting and dispositive power over the shares owned, which
represent 5.0% of the outstanding common stock of the company.

The source of the funds for the purchase of the shares was Mr.
Halperin's personal funds with the purchase totaling $2,265,500.  
During the period from May 6, 2000 to July 5, 2000, he acquired
31,000 shares in 5 open market transactions and sold 25,000
shares in one open market transaction. The transactions were made
on the OTC Bulletin Board operated by the National Association of
Securities Dealers, Inc. and were made on his behalf by CIBC
Oppenheimer Corporation, a securities broker dealer.

PREMIER LASER: MediVision to Invest in Ophthalmic Imaging Systems
Ophthalmic Imaging Systems (OTCBB:OISI) announced on July 17,
2000 that it has signed agreements with MediVision Medical
Imaging, Ltd., an Israeli corporation, and Premier Laser Systems,
Inc., OIS's controlling shareholder, pursuant to which
MediVision, among other things, will loan $1.5 million to OIS for
working capital and acquire Premier's interest in OIS.

In addition to purchasing all shares of OIS stock held by
Premier, MediVision will also purchase from Premier OIS debt owed
Premier, which MediVision will exchange for additional OIS stock,
and certain inventory of materials for manufacture of OIS
products. The agreements afford MediVision the option of
converting the loan amount into shares of OIS common stock.
MediVision will also provide OIS with immediate interim funding
of $260,000.

Noam Allon, chief executive officer of MediVision, said, "Our
investment in OIS reflects high synergy in technology between the
companies as well as in their marketing territories. It enhances
each company's strength, strategies and needs. We estimate that
upon completion of the transaction, MediVision's activities in
the United States will considerably increase."

OIS Chairman, Walt Williams, commented, "Ophthalmic Imaging
Systems has always had a reputation for innovation and quality in
ophthalmic diagnostic products. With this injection of new
working capital from MediVision and technical collaboration we
will be able to continue and build on our business of providing
superior products and exemplary technical support to the medical

The transaction is subject to customary closing conditions, and
approval by the bankruptcy court overseeing Premier's Chapter 11

OIS continues to operate its business in the normal course. As a
leading provider of ophthalmic digital imaging systems OIS
designs, develops, manufactures and markets digital imaging and
image enhancement systems and analysis software. With over a
decade in the ophthalmic imaging business, OIS has consistently
been the first to introduce new technology and features. It
offers customer support through a worldwide network of service

MediVision designs, develops, manufactures and markets digital
devices for Ophthalmic applications with an emphasis on
diagnostics related to the Retina. MediVision markets its range
of digital ophthalmic systems principally in Europe but is
expanding into the United States and the Far East. MediVision is
listed on Euro.NM..

PRIME SUCCESSION: Receives Court Approval To Pay Vendors
Prime Succession, Inc. (the "Company") received Court approval
yesterday of its first-day motions requesting, among other
things, authorization to pay all currently outstanding pre-
petition vendor claims in accordance with their normal
terms during the pendency of its Chapter 11 case.  The Court also
approved Prime's request to pay pre-petition employee wages,
salaries, employee benefits and other employee obligations.

To ensure liquidity throughout this period, the Court provided
interim approval for the Company to use up to $5 million of a $10
million debtor-in-possession (DIP) financing facility.  The
Company expects to receive final approval with respect to the
entire $10 million of DIP financing within the next 20 days.  The
DIP financing is being provided by a group of the Company's
current senior lenders.

Prime announced yesterday that it had reached an agreement with a
committee representing the holders of over two-thirds of its
outstanding senior subordinated notes on a financial
restructuring of the Company.  The Company also announced that,
in order to implement the restructuring, it had filed a
voluntary petition under Chapter 11 in the U.S. Bankruptcy Court
for the District of Delaware in Wilmington.

Gary L. Wright, Prime's President and Chief Executive Officer,
said he was pleased that the Court approved the Company's first-
day motions.  He noted that the Chapter 11 will have no impact on
Prime's ability to fulfill its commitments to its customers and
that there will be no interruption in the Company's operations.

On the basis of revenues, Prime Succession, Inc. is the fifth
largest provider of funeral and cemetery products and services in
the death care industry in the United States.  Through its
subsidiaries, the Company owns and operates approximately 140
funeral homes and 19 cemeteries in 19 states.

PROMED HEALTH:  Files for Chapter 11
ProMed Health Network in Pomona filed for Chapter 11 bankruptcy
protection.  ProMed CEO, Dr. Kit Thapar reveals that the company
has $ 23 million in debt, and undisclosed assets.  ProMed's
receivables are no longer reliable and its loss insurance is yet
to be determined. "Our doctors are being paid less than the cost
of providing care," [and] "It's like they are providing charity
care," according to Thapar.  Poor contracts with HMO's is the
root cause of the association's blunder, Thapar added.

RELIANCE GROUP: Fitch Lowers Ratings For Reliance Group Holdings
Fitch announced a downgrade of all ratings for Reliance Group
Holdings, Inc. (Reliance), including Reliance`s senior debt
ratings to `CCC` from `BB-` and Reliance Insurance Group`s
insurer financial strength ratings to `BB-` from `BBB`. The
ratings remain on Rating Watch Negative. The ratings are listed

This action follows the announcement that Leucadia National
Corporation informed Reliance that it did not intend to go
forward with the previously announced acquisition agreement with
Reliance under existing terms. While the parties are still
discussing a potential transaction, it is difficult to determine
the likelihood of the completion of a new agreement.

Following this announcement, Fitch believes that Reliance faces
greater uncertainty in refinancing its debt that comes due later
this year, including approximately $230 million of bank financing
that matures near the end of August 2000 and $284 of publicly
traded debt matures in November.

Reliance has primary operations in property/casualty insurance
and information technology consulting. The company reported
consolidated GAAP assets of $14.2 billion and shareholders`
equity of $1.1 billion at March 31, 2000.

Reliance Group Ratings Financial Strength Ratings on Rating Watch
Negative Prior Rating New Rating Reliance Insurance Company BBB
BB- Reliance National Insurance Company BBB BB- Reliance National
Indemnity Company BBB BB- United Pacific Insurance Company BBB
BB- Reliance Insurance Company of Illinois BBB BB- Reliance
Insurance Company of California BBB BB- Reliance National Ins.
Co. of New York BBB BB- United Pacific Insurance Co. of New York
BBB BB- Reliance National de Mexico S.A. BBB BB- Reliance
Nacional Compania BBB BB- Argentina de Seguros S.A.
Debt Ratings on Rating Watch Negative Prior Rating New Rating
Reliance Group Holdings, Inc. --Senior Debt BB- CCC --
Subordinated Debt B+ CC

RELIANCE GROUP: Leucadia Rejects Initial $359 Million Deal
According to an article in The Wall Street Journal on July 17,
2000, Leucadia National Corp. scrapped its $359 million stock-
swap agreement to buy Reliance Group Holdings Inc., the insurance
company controlled by financier Saul Steinberg.

The two companies said they were discussing alternative

Since the initial agreement was signed in May, Reliance's debt
has been downgraded  and the company's bonds trade at a fraction
of their May value; its shares fell 6.25 cents to 50 cents in 4
p.m. New York Stock Exchange composite trading Friday.

Reliance, which recorded a 1999 net loss of $326 million, reports
rising property and casualty insurance claims. Reliance was
forced to sell some of its most ratings-sensitive businesses to
Hartford Financial Services Group Inc., of Hartford, Conn., after
the A.M. Best Co. ratings agency downgraded Reliance's financial-
strength rating on June 8.

The proceeds from the sales of these businesses would have gone
to Leucadia, but the liability would have remained with Reliance,
individuals with knowledge of the failed merger said. Reliance
also has been hit with shareholder lawsuits.

Though the two companies are likely to come up with a new
agreement this month, the timing is particularly bad for
Reliance, which has about $250 million of bank debt coming due in
August. Reliance has well over $1 billion of capital, but the
money is held within its heavily regulated insurance
subsidiaries, while the debt must be serviced by the holding
company, Reliance Group. Regulators want to ensure that there
will be enough money available to pay out policyholders' claims.

According to the article, if the insurance units were to become
insolvent -- that is, not have enough capital to pay claims from
policyholders -- state insurance guarantee funds would have to
step in to pay the claims, a situation regulators strongly want
to avoid.

SAFETY KLEEN: Motion To Employ Plante & Moran as Accountants
Pursuant to 11 U.S.C. Sec. 327(a), Safety-Kleen requests
permission to retain Plante & Moran, LLP as their accountants and
auditors in the course of their chapter 11 cases.  P&M Partner
Michael A. Colella leads the engagement from P&M's office in
Southfield, Michigan.  Safety-Kleen tells Judge Walsh, is one of
the ten largest accounting and management consulting firms in the
United States, and has significant experience in various
accounting roles for troubled and restructuring companies.  P&M
will assist the Debtors in restating their financial statements
for the fiscal years ended August 31, 1997, 1998 and 1999.

Safety-Kleen retained P&M pursuant to an Engagement Letter dated
May 12, 2000.  That Engagement Letter provides that P&M will:

     (a) assist in the analyses and assembly of historical
financial information;

     (b) prepare suggested adjusting journal entries to internal
financial information;

     (c) provide observations, suggestions and recommendations,
on financial operations, reports and other information as
     (d) assist with additional financial analyses as requested;

     (e) provide periodic status reports to the financial
management team.

P&M will bill for its services at its customary hourly rates:

                Partners                          $225-$200
                Senior Managers                   $200-$225
                Managers                          $165-$200
                Senior Consultants                $150-$175
                Consultants                        $75-$150
                Administrative Staff               $60- $65

The current hourly rates for the professionals initially intended
to commence work are:

               Partner             Mike Colella        $275
               Senior Manager      Tim Weed            $210
               Manager             Janice Brooks       $165
               Senior Consultant   Mark Huber          $145
               Consultant          Brent Smith         $115

P&M received a $50,000 retainer prior to the Petition Date.  
(Safety-Kleen Bankruptcy News Issue 4; Bankruptcy Creditors'
Service Inc.)

SMITH CORONA: Signs Stock Purchase Agreement With Pubco
Smith Corona Corporation has signed a stock purchase agreement
with Pubco Corporation, a Cleveland-based manufacturer of thermal
printers and thermal and impact printer supplies. The agreement,
which was an outcome of the overbid process approved as part of
Smith Corona's Chapter 11 case, supplants a prior asset purchase
agreement with Carolina Wholesale Office Machine Company, Inc.,
which would have allowed Carolina to purchase substantially all
of the company's operating assets.

The Court authorized Smith Corona to pursue the stock purchase
agreement, which will be consummated through a Plan of
Reorganization.  Under the stock purchase agreement with Pubco,
Smith Corona would be reorganized under Chapter 11 and continue
to exist as an ongoing entity.  Upon completion of the Chapter 11
reorganization, Pubco would purchase 49 percent of the stock in
the reorganized Smith Corona, with the remaining 51 percent of
the new common stock to be issued to creditors and, if allowed,
to stockholders.  Pubco's cost to purchase the new Smith Corona
stock will be determined as a percentage of the value of
inventories and receivables at the time of the closing of the
agreement, which is anticipated to be by year-end.

The agreement also calls for Smith Corona's current debtor-in-
possession (DIP) financing line with Congress Financial
Corporation to be either acquired or replaced by Pubco's Seaside
Factors LLC subsidiary.  The stock purchase agreement with Pubco
provides more value to satisfy creditor claims than the Carolina
Wholesale asset purchase deal, stated Martin D. Wilson, president
and chief executive officer of Smith Corona.  In addition, Smith
Corona's business will continue to operate under the Smith Corona
name with the opportunity to introduce products of the Pubco
companies through the Smith Corona distribution channels. Mr.
Wilson further noted that, in the event that the company cannot
obtain approval from its constituencies of the stock purchase
plan, that Pubco has agreed to convert its stock purchase to an
asset purchase.

The current Smith Corona product line includes seven models of
electronic typewriters and supporting supplies and accessories.  
To augment the shrinking typewriter market, the company
introduced a number of new office products including inkjet
replacement cartridges and commercial headsets.  

SOGO CO.: Taiwan partner seeks stake buyout in stores
Taipei (Kyodo) Pacific Construction Co., local partner of
the failed Sogo Co., has admitted that it is interested in
taking over Sogo's 49 percent stake in the Sogo Co. four
jointly operated Sogo department stores in Taiwan.

Taiwan Stock Exchange-listed Pacific Construction is the
joint venture partner of the Japanese department store
chain and holds 51 percent of Pacific Sogo Department
Stores Co. That company was established in 1987 with
capital of 2.304 billion Taiwan dollars (about $74

Pacific Construction acting spokesman Chen Ching-hui said
that under the joint venture contract, Pacific Construction
has a priority purchasing right for Sogo's 49 percent
stake, although Sogo has not voiced its intention to sell
as yet.

Only Wednesday, Sogo Co. filed for protection from
creditors after the Japanese government pulled the plug on
a controversial bailout plan to waive some of the company's
debts using taxpayers' money.  Another Pacific Sogo
Department Store spokesman Lee Kuang-jung said at the time
that such filing did not affect the Taiwan-based stores,
which are modeled on those in Japan.

STAGE STORES: Too Early to Determine Success of Reorganization
According to an article in the Mergers and Acquisitions Report
On July 17, 2000, Stage Stores received final court approval for
its $450 million debtor-in-possession credit agreement, but
several sources say that it is early to tell if the
reorganization will be successful.

Stage Stores, a clothing retailer based in Houston, filed for
protection under Chapter 11 on June 1. Jeffrey Werbalowsky, the
lead attorney from Houlihan Lokey Howard & Zukin's financial
advisory team for Stage, said the company plans to have a going
out of business sale for 100-to-120 stores. This would bring the
company to a core number of stores, he added. Stage owns over 600

Lawrence Gottlieb, an attorney with Kronish Weiner & Hellman LLP
who is heading the legal advisory team for the creditor's
committee, said it was premature to discuss Stage Store's
financial restructuring plan.

"I wish I could say that it's going to be a successful Chapter
11, but I can't because it is too soon to tell,'' he said. He did
add, however, that creditors have been supportive of the company.

Gottlieb was guarded in his outlook. This caution is reflected in
the bond prices, where the 8.5% and 9% senior notes are trading
at 10 cents and 3 cents on the dollar, respectively, according to
one source.

SUNBEAM CORPORATION: Announces Exchange Offer
Sunbeam Corporation (NYSE: SOC) announced that it is offering to
acquire all of its currently outstanding Zero Coupon Convertible
Senior Subordinated Debentures due 2018 in exchange for newly
issued 11% Senior Secured Subordinated Notes due 2011 and shares
of Sunbeam Corporation common stock.

Jerry W. Levin, Chairman and Chief Executive Officer, said, "The
exchange offer directly addresses our large debt burden, which is
a major issue currently facing Sunbeam. Exchanging the zero bonds
now addresses future uncertainty surrounding the Company if the
debenture holders were to exercise their redemption rights in

Levin added, "If accepted by our bondholders, the impact of the
exchange offer will be significant. Assuming 100% acceptance, we
will have reduced debt by more than $500 million and increased
shareholders' equity by more than $3.50 per share. And most
importantly, the exchange offer will significantly enhance our
ability to obtain better, long-term financing solutions for the
Company's remaining debt and future investment needs. All of
these factors will enhance our competitive position and increase
long-term value for the Company."

Pursuant to the terms of the exchange offer, Sunbeam is offering
to issue $173.00 principal amount at maturity of secured notes
($149.06 principal amount at issuance) bearing interest at 11%
per annum and 17 shares of Sunbeam Corporation common stock in
exchange for each $1,000 principal amount at maturity of zero
debentures. The Company estimates this is a premium of greater
than 30% to the zeros at today's prices. If 100% of the
outstanding zero debentures are exchanged in the exchange offer,
Sunbeam will issue $348.4 million aggregate principal amount at
maturity of secured notes ($300.2 million principal amount at
issuance) and 34,238,000 shares of common stock. The projected
principal amount at maturity of the secured notes to be issued in
the exchange offer reflects accretion of original issue discount
in respect of 85% and 70% of the aggregate interest payable by
Sunbeam under the secured notes during years one and two
following issuance, respectively, and assumes no prior optional

The secured notes will be partially cash pay until June 15, 2002,
and fully cash pay thereafter and will mature on June 15, 2011.
The secured notes will be senior in right of payment to all of
the Company's subordinated debt, including any zero debentures
that remain outstanding after the exchange offer.

SYMONS INTERNATIONAL: To Begin Trading on OTC Bulletin Board
Symons International Group, Inc., a specialty insurer of
nonstandard automobile insurance and crop insurance reports to
the SEC that it was to begin trading on the OTC Bulletin Board,
effective July 10, 2000.

The company reported in its financial statments for the year-
ended 1999 and the first quarter 2000, that it was likely that
trading in the company stock would move from the NASDAQ National
Market to the OTC Bulletin Board.

Symons International Group, Inc. is a provider of nonstandard
automobile insurance in the United States.   Nonstandard auto
insurance is sold through independent insurance agents and
generally carries higher premiums and low limits of liabilities.  
Symons' subsidiary, Superior Insurance Group, writes nonstandard
auto insurance in 22 states. IGF Insurance company is the fifth
largest insurer of crops in the United States and writes business
in 46 states plus Canada.  

TEU HOLDINGS: Motion For Extension Under Section 365(d)(4)
The debtors, TEU Holdings, Inc., et al. seek an extension of time
within which the debtors may assume or reject certain unexpired
leases of nonresidential real property.

A hearing on the motion will be held before the Honorable Peter
J. Walsh, July 18, 2000 at 11:00 AM.

The debtors have determined that they need an additional 76 days,
through September 30, 2000, within which to conclude their GOB
sales and vacate two distribution centers and to vacate a
facility in which the debtors store certain property.

As such, the debtors require an additional 76 days to assume or
reject three non-residential real property leases.

As the debtors are currently in the process of liquidating their
assets and winding up their operations, the unexpired leases are
critical to the debtors' ability to wind up their operations as
efficiently as possible, without incurring the unnecessary cost
of moving any assets located on the premises governed by the
unexpired leases to other facilities.

Further, the debtors are in the process of conducting a GOB Sale
from the Somerset, NJ Distribution Center. The sales are going
better than originally expected and the debtors believe that if
they are allowed to continue GOB sales from this location beyond
July 15, 2000,they will be able to maximize the value of the
inventory at this location and the net return to these estates.

TRI VALLEY: Court Gives $1.3 Million To Operate Through Weekend
A U.S. Bankruptcy Court judge Friday gave Tri Valley Growers
another $ 1.3 million to operate through the weekend and will
continue to hear arguments Monday over $ 270 million plan to see
it through the harvest, a cooperative spokesman said.

Judge Edward Jellen in Oakland presides over the 500-member
cooperative's proposal to use the financing package which
includes $ 169 million in carryover debt and $ 101 million in new
credit, underwritten by a banking consortium led by Bank of
America Business Credit.

Coop spokesman Fred MacFarlane, speaking by telephone from the
Oakland Airport where he was trying to catch a flight to Los
Angeles, said representatives of the lending group and Tri
Valley's creditors were still tussling over the plan's details.

"The final hearing on that should be in about two weeks," he

In anticipation of that, Tri Valley Chief Executive Jeff Shaw
said he hoped to carry the grower-owned cannery operator through
the bankruptcy process and re-emerge as a recapitalized, probably
slimmed-down company by early next year.

"We're certainly encouraged by the opportunity to be restructured
and to go forward as a new Tri Valley," he said Thursday after an
initial court hearing, in which Jellen gave the coop permission
to meet its payroll and certain other ongoing obligations.

Utilities serving Tri Valley plants object to an order that they
continue to supply electricity, water and other services,
claiming assurances they would be paid were inadequate.

A Teamsters Union attorney said an order limiting employee
vacation to two weeks violated contract granting some workers
three or more weeks of paid time off. Also, the Teamsters local
representing workers at Tri Valley's Thornton tomato cannery,
being idled because of the coop's problems, filed a labor
grievance against the concern for failure to provide proper
notice of the move.

The coop has retained Goldsmith Agio Helms, a Minneapolis-based
private investment banker, to try to find investors or buyers
interested in bringing new capital to or acquiring all or part of
Tri Valley.

It recorded a net loss approaching $ 200 million in the three
years ended June 30. Court documents cite declining prices for
tomato products, losses on its Oberti olive business, large
inventories, higher costs, lower than expected sales and selling
prices for those losses.

Under its reorganization plan, Tri Valley will cut production by
15 percent for peaches and grapes, by 30 percent for pears and
slash tomato production by two-thirds. Besides the Thornton
plant, it will also idle the Los Banos tomato cannery, shifting
some of that production to Modesto, where it operates three
plants. It also has a peach cannery in Gridley and a tomato plant
in New Jersey.

While tomato-industry experts are pessimistic that another
processor would be interested in the extra fruit from Tri Valley
growers, Shaw said he believes an alternative can be found.

Tri Valley's Stockton plant on Eight Mile Road, once slated for
closure, also continues to operate and currently employs 259
people, packing cherries and repacking tomato products.


Fort Dearborn Co., Chicago, $ 1.4 million
Inland Paperboard & Packaging Inc., Modesto, $ 1.25 million
Gelco Information Network, Minneapolis, $ 938,186
Mitsubishi, Los Angeles, $ 937,885
Transpacific, San Francisco, $ 812,547
Riss, Orinda, $ 750,000
Norpac Services Inc., Pasadena, $ 644,485
Esis Inc., Richmond, $ 628,661
KBC Trading & Processing, Stockton, $ 601,290
Lakeside Foods Inc., Modesto, $ 535,622
Food Ingredient Solutions, New York, $ 472,743
American Protective Services, San Francisco, $ 464,195
Marketing Specialists, Fresno, $ 458,662
Cargill Inc., Dallas, $ 412,642
Information Resources Inc., Millville, N.J., $ 379,359
Applied Industrial Tech, Cleveland, $ 359,155
Ryder, San Francisco, $ 334,227
Modesto Irrigation District, Modesto, $ 327,275
Tuff Boy, Manteca, $ 302,468
Chippewa Valley Bean Co., Menomonie, Wis., $ 298,475

Source: Tri Valley Growers court filings

WELLCARE MANAGEMENT GROUP: Annual Meeting to Be Held on August 17
The annual meeting of shareholders of The WellCare Management
Group, Inc. will be held at the company's Florida corporate
office, 6800 North Dale Mabry Hwy., Suite 268, Tampa, Florida, on
August 17, 2000 at 10:00 a.m., local time, for the following

     1)   To elect four Directors to serve until the 2001 annual
meeting of shareholders.

     2)   To ratify the reappointment of BDO Seidman, LLP as
independent auditors of the company for the year ending December
31, 2000.

Only holders of record of the company's common stock and Class A
common stock at the close of business on June 23, 2000, the
record date for the annual meeting, are entitled to notice of and
to vote at the annual meeting.

Meetings, Conferences and Seminars
July 21-24, 2000
   National Association of Chapter 13 Trustees
      Annual Seminar
         Adams Mark Hotel, St. Louis, Missouri
            Contact: 1-800-445-8629 or

August 3-5, 2000
      Fundamentals of Bankruptcy Law
         Seaport Hotel and Conference Center,
         Boston, Massachusetts
            Contact: 1-800-CLE-NEWS

August 9-12, 2000
      5th Annual Southeast Bankruptcy Workshop
         Hyatt Regency, Hilton Head Island, South Carolina
            Contact: 1-703-739-0800

August 14-15, 2000
      Advanced Education Workshop
         Loews Vanderbilt Plaza, Nashville, Tennessee
            Contact: 1-312-822-9700 or
August 17-19, 2000
      Banking and Commercial Lending Law -- 2000
         Renaissance Stanford Court
         San Francisco, California
            Contact: 1-800-CLE-NEWS

September 7-8, 2000
   ALI-ABA and The American Law Institute
      Conference on Revised Article 9 of the
      Uniform Commercial Code
         Hilton New York Hotel, New York, New York
            Contact: 1-800-CLE-NEWS

September 12-17, 2000
         Doubletree Resort, Montery, California
            Contact: 1-803-252-5646 or

September 15-16, 2000
      Views From the Bench 2000
         Georgetown University Law Center, Washington, D.C.
            Contact: 1-703-739-0800

September 21-22, 2000
      3rd Annual Conference on Corporate Reorganizations
         The Regal Knickerbocker Hotel, Chicago, Illinois
            Contact: 1-903-592-5169 or   

September 21-23, 2000
      Litigation Skills Symposium
         Emory University School of Law, Atlanta, Georgia
            Contact: 1-703-739-0800

September 21-24, 2000
      8th Annual Southwest Bankruptcy Conference
         The Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800

November 2-6, 2000
      Annual Conference
         Hyatt Regency, Baltimore, Maryland
            Contact: 312-822-9700 or

November 27-28, 2000
      Third Annual Conference on Distressed Investing
         The Plaza Hotel, New York, New York
            Contact: 1-903-592-5169 or   
November 30-December 2, 2000
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800

February 22-24, 2001
      Real Estate Defaults, Workouts, and Reorganizations
         Wyndham Palace Resort, Orlando (Walt Disney
         World), Florida
            Contact: 1-800-CLE-NEWS

July 26-28, 2001
      Chapter 11 Business Reorganizations
         Hotel Loretto, Santa Fe, New Mexico
            Contact: 1-800-CLE-NEWS

The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday.  Submissions via e-mail to are encouraged.  


S U B S C R I P T I O N   I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter, co-published by
Bankruptcy Creditors' Service, Inc., Trenton, NJ, and Beard
Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler,
Edem Alfeche and Ronald Ladia, Editors.

Copyright 2000.  All rights reserved.  ISSN 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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